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Indian stock markets continue to hold firm
Tue, 16 Aug 11:30 am

Indian stock market indices continue to hold their gains. IT and Technology stocks push the markets up. Realty and Auto stocks are the biggest losers.

The BSE-Sensex is up by 134 points and NSE-Nifty is up by 40 points at the moment. BSE-Midcap and BSE-Small cap indices are up by 0.05% and 0.41% respectively. The rupee is trading at 45.23 to the US dollar.

Power stocks are trading high. BHEL and Crompton Greaves Ltd are the biggest gainers while Lanco Infratech Ltd is the biggest loser among the power stocks. According to a leading financial daily, India's largest power transmission utility company Power Grid Corporation is on the lookout for opportunities for execution of engineering, procurement and construction (EPC) contracts in Africa. It would be the first time that the company will take up an EPC project. The company is likely to set up the project in Nigeria where it already provides consultancy to Power Holding Company of Nigeria for update of telecommunication and substation automation systems specifications. It is also exploring opportunities in Niger and Kenya. However the company has not allocated any investment for the EPC segment. It will be based on project to project basis. Power Grid has already received a letter from Exim Bank about their willingness to invest on behalf of the company.

Aluminium stocks are also trading high. Hindalco is trading in the green while Nalco is trading in the red. Hindalco Industries plans to raise Rs 79 bn through bonds for aluminum smelter and 900 MW captive power plant for its Aditya Aluminium project in Orissa. The investment will include developing an aluminium refinery with integrated bauxite mines. The company chose to raise funds through bonds route because bank interest rates are high at the moment. The company's US subsidiary Novelis has acquired its joint venture partner British Petroleum's (BP) 60% stake in Logan Aluminium Inc through buyback of 8 m shares. Logan manufactures aluminium sheets. The company also announced its first quarter results for June 2011. The topline grew by 16% YoY while bottomline grew by 21% YoY. The increase in revenues was because of higher LME.

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Feb 20, 2018 03:35 PM